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Rohit Sharma Invests in Educational Fintech Innovator LEO1

By
Garima Bansal
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LEO1

Indian cricket captain Rohit Sharma has made a significant foray into the fintech arena by investing in LEO1, an educational fintech startup. This marks Sharma’s inaugural venture into the fintech sector. On Wednesday, it was revealed that Sharma has invested in LEO1, a company formerly known as Financepeer. LEO1 focuses on resolving cash flow challenges faced by educational institutions while offering innovative financial solutions to students across India. Over the past three years, the company has successfully raised $35 million (approximately ₹291 crore) through two investment rounds, with contributions from QED Investors, Aavishkaar Capital, Ardent Investors LLC, and 9 Unicorn, among others.

Expressing his enthusiasm, Sharma stated, “I am thrilled to support LEO1 in its mission to revolutionize learning and make quality education accessible to everyone.” This investment aligns with his vision of improving educational accessibility and financial stability within the sector. Rohit Gajbhiye, CEO and founder of LEO1, acknowledged the boost Sharma’s involvement provides, saying, “With his support as our brand ambassador and now as a valued investor, I am confident that we will become even more efficient and motivated.” The endorsement from Sharma is expected to galvanize the team and enhance their performance.

LEO1 recently launched a ‘Financial SAAS’ product, designed to streamline financial transactions within the education sector. This includes the introduction of the LEO1 payment card, which doubles as a Smart card and a Smart ID card within campus premises. The company has partnered with over 31 major institutions nationwide, impacting the financial lives of half a million students. Sharma’s investment not only fortifies LEO1’s financial base but also enhances its brand value, thanks to his widespread popularity and influence in India.

Founded in 2018 by Rohit Gajbhiye, Naveesh Reddy, and Debi Prasad Baral, LEO1 is committed to streamlining fee collection and promoting responsible financial behavior. With the fresh capital infusion and Sharma’s endorsement, LEO1 is well-positioned to expand its impact and innovate further in the educational fintech space. This strategic move by Sharma is set to contribute significantly to the company’s growth and the broader fintech landscape in India.

Ola Electric Receives SEBI Approval for $660 Million IPO

By
Garima Bansal
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ola electric

Ola Electric has secured approval from the Securities Exchange Board of India (SEBI) to proceed with its much-anticipated initial public offering (IPO), aimed at raising Rs 5,500 crore (approximately $660 million). This approval comes six months after Ola Electric filed its draft red herring prospectus (DRHP) in December 2023.

According to the details outlined in its DRHP, Bhavish Aggarwal holds the largest stake in Ola Electric, owning 36.94% of the shares, followed by SoftBank with 21.98%. Other notable shareholders include Tiger Global, Indus Trust, and Alpha Wave, owning 6.03%, 3.85%, and 3.49% of the shares respectively.

Since filing its DRHP, Ola Electric has raised $62 million in debt across two tranches, with $50 million secured from EvolutionX in April and an additional tranche earlier this month, as reported exclusively by Entrackr. These funds add to Ola Electric’s substantial financial backing, which exceeds $1 billion from both equity and debt rounds, valuing the company at $5.5 billion in its last funding round.

In terms of financial performance, Ola Electric experienced significant growth in FY23, with its operational revenue soaring seven-fold to Rs 2,631 crore. However, the company also reported a substantial increase in losses, rising by 87.76% to Rs 1,472 crore for the fiscal year ending March 2023. Details for FY24 are yet to be disclosed as the company awaits its annual report.

The approval of Ola Electric’s IPO comes amid a promising year for startup listings in India’s public markets. Notable startups like TBO Tech, Digit Insurance, Awfis, and Ixigo have already gone public in 2024, with others such as FirstCry, Mobikwik, Unicommerce, and Swiggy also preparing for their IPOs pending regulatory approval.

Aakash Anand Secures $2 Million for Unikon.ai, Aiming to Revolutionize Connection and Knowledge Sharing

By
Garima Bansal
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unikon AI founder

Aakash Anand, known for co-founding Bellavita, has launched his latest venture, Unikon.ai, with a vision to facilitate meaningful connections and monetize knowledge sharing.

Unikon.ai has successfully raised $2 million in funding from a group of prominent entrepreneurs and influencers, including Nikhil Kamath of Zerodha, Peyush Bansal from Lenskart, Vishesh Khurana of Shiprocket, and several others such as Dholakia Ventures, Nitin Jain, Vasant Sridhar of OfBusiness, Gaurav Khatri of Noise, and influential figures like Tanmay Bhatt, Raj Shamani, and Shlok Shrivastava.

The platform, co-founded with Palash Arneja as Chief Operating Officer and Sumit Jha as Chief Technology Officer, aims to enable users to seek and offer practical advice through professional responses, webinars, and workshops. Users can monetize their expertise by setting prices and schedules for one-on-one sessions via chat, audio, or video calls.

With Anand’s entrepreneurial experience and the team’s diverse expertise, Unikon.ai aims to redefine how individuals connect and exchange knowledge, positioning itself as a leader in the burgeoning space of digital networking and mentorship.

The funding round underscores investor confidence in Unikon.ai’s potential to tap into the growing market for online communities and knowledge-sharing platforms. As similar ventures gain traction in the startup ecosystem, Unikon.ai is poised to carve out a niche by offering a blend of user-generated content and personalized advisory services.

Aditya Birla’s TMRW Invests $15 Million in WROGN, Strengthening Fashion Portfolio

By
Garima Bansal
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virat kohli wrogn

Aditya Birla Group-owned TMRW House of Brands has invested $15 million (approximately Rs 125 crore) in WROGN, a leading men’s apparel brand backed by cricketer Virat Kohli. This investment marks TMRW’s acquisition of a 16% stake in WROGN, valuing the Bengaluru-based company at around $105 million.

Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN has carved a niche in the casual wear segment, offering a wide array of casual wear, footwear, and accessories. Leveraging Virat Kohli’s stature, the brand has expanded rapidly through exclusive brand outlets and strategic partnerships with major e-commerce platforms.

According to WROGN’s press release, the partnership with TMRW will not only enhance its presence on fashion platforms like Myntra but also facilitate the expansion of its offline footprint and scaling up of its direct-to-consumer (D2C) business model.

The company aims to assert its leadership in the men’s casual and activewear categories, targeting a revenue trajectory of Rs 1,500 crore over the next five years. WROGN has previously secured approximately $90 million in funding from investors such as Accel, Flipkart, Virat Kohli, and Sachin Tendulkar.

Despite experiencing a flat growth phase in FY23, where revenue increased marginally by 2.3% to Rs 344 crore from Rs 336 crore in FY22, WROGN remains optimistic about its future prospects.

The fashion and lifestyle sector in India, according to a recent TMRW X Bain & Company report, represents the country’s second-largest consumer category, valued at $110 billion. With approximately 10% of this market online, equivalent to $11 billion, the online fashion segment is poised for significant growth, projected to reach approximately $35 billion by FY28 at a compound annual growth rate (CAGR) of 25%.

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General Catalyst and Venture Highway Merge to Strengthen Focus on India

By
Garima Bansal
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General Catalyst

In a strategic move, Venture Highway (VH), an India-focused venture capital firm, is merging with Silicon Valley-based General Catalyst (GC). This merger aims to create a formidable platform to support the next generation of entrepreneurs in India, signaling a commitment to fostering innovation and growth in the region.

Hemant Taneja, CEO of General Catalyst, emphasized the synergy of combining their US seed team with Venture Highway in India and La Famiglia in Europe. This consolidation aims to enhance their ability to support founders at early stages effectively.

Founded in 2014 by Neeraj Arora, former chief business officer of WhatsApp, Venture Highway has been instrumental in providing early-stage funding to prominent Indian startups such as Meesho, Moglix, MPL, and ShareChat.

General Catalyst, known for backing successful startups including CRED, Spinny, and Orange Health, aims to leverage this merger to deepen Indo-US-Europe collaborations across sectors like AI, technology, and industry. The joint firm plans to implement tailored incubation programs and strategic partnerships to nurture Indian startups into global enterprises.

In parallel developments, Silicon Valley-based South Park Commons (SPC) has also announced its entry into India with the inauguration of its Bengaluru location. Collaborating with Binny Bansal, co-founder of Flipkart, SPC aims to bolster the technical community and early-stage venture funding landscape in India, further enriching the ecosystem for innovation and entrepreneurship.

The merger between General Catalyst and Venture Highway not only strengthens their foothold in India but also signifies a deeper commitment to fostering innovation and driving growth in one of the world’s most dynamic startup ecosystems.

JM Financial Private Equity Invests Rs 40 Crore in Modish Tractoraurkisan, Boosting Growth Prospects

By
Garima Bansal
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balwaan agri founders

JM Financial Private Equity has announced a substantial investment of Rs 40 crore in Modish Tractoraurkisan’ Balwaan, a prominent player in the field of farm equipment manufacturing. This investment is set to propel Modish Tractoraurkisan’s initiatives in brand development, enhance marketing endeavors, strengthen working capital resources, and expand its distribution network.

The infusion of funds underscores JM Financial Private Equity’s confidence in Modish Tractoraurkisan’s capabilities and its strategic vision to sustain growth and fortify its leadership position in the competitive farm equipment industry.

Modish Tractoraurkisan, recognized for its brand Balwaan Krishi, specializes in manufacturing agricultural machines and tools, catering to the evolving needs of Indian farmers.

Founded by Rohit Bajaj and Shubham Bajaj, Balwaan Krishi is dedicated to addressing industry challenges through comprehensive solutions encompassing pre-sales advisory, sale of high-quality products, post-sales training, and robust after-sales service and support. This integrated approach sets Balwaan Krishi apart in the market, ensuring holistic support to farmers nationwide.

As Modish Tractoraurkisan gears up to leverage this investment to drive innovation and scale its operations, the collaboration with JM Financial Private Equity marks a pivotal milestone in its journey towards sustained growth and market leadership in India’s dynamic farm equipment sector.

“Godfather of AI”,Geoffrey Hinton Joins CuspAI to Combat Climate Change

By
Garima Bansal
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Geoffrey Hinton-cuspAI

Geoffrey Hinton, renowned as the “godfather of AI,” has recently announced his advisory role at CuspAI, a promising startup based in Cambridge. The company, led by Professor Max Welling and chemist Dr. Chad Edwards, specializes in leveraging advanced AI technologies to pioneer solutions for climate change, particularly through innovative material design aimed at carbon dioxide removal from the atmosphere.

CuspAI’s breakthrough platform functions akin to a sophisticated search engine tailored for materials science. Researchers can input specific material requirements, such as the ability to effectively capture carbon dioxide under varying conditions, prompting CuspAI to generate potential chemical compositions. This capability holds significant promise not only for carbon capture but also for advancing various other environmental applications.

The startup recently secured a substantial $30 million in seed funding, spearheaded by Hoxton Ventures, with additional investments from Basis Set Ventures and Lightspeed Venture Partners. This financial backing underscores growing optimism in CuspAI’s approach and its potential to make substantial strides in combating climate change.

Geoffrey Hinton’s decision to join CuspAI follows his departure from Google last year, where he cited the need to advocate more openly about the risks associated with AI technologies. Despite his concerns, Hinton remains optimistic about AI’s transformative potential in addressing global challenges, including climate change.

In a statement, Hinton expressed his enthusiasm for joining CuspAI, emphasizing the startup’s mission to accelerate the development of new materials crucial for mitigating climate crises. “Humanity faces numerous challenges ahead, some exacerbated by AI itself, yet others that can be effectively tackled with its application,” Hinton remarked, highlighting the dual role of AI in both posing risks and offering solutions.

CuspAI’s commitment to sustainable innovation aligns with broader efforts within the tech industry to mitigate environmental impacts, including reducing energy consumption and carbon emissions associated with AI-driven data centers.

The collaboration between Geoffrey Hinton and CuspAI signifies a pivotal moment in the intersection of AI and climate action, promising significant advancements in material science for a more sustainable future.

Hyderabad-based Proptech Startup Landeed Raises Strategic Funding Led by Paradigm Shift VC

By
Garima Bansal
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0
landeed founders

Hyderabad-based proptech startup Landeed recently secured strategic funding from Paradigm Shift VC in an undisclosed financing round. Founded in 2022 by Sanjay Mandava, ZJ Lin, and Jonathan Richards, Landeed aims to transform the real estate sector with its innovative technological solutions.

This funding round follows Landeed’s successful raise of $8.3 million in January 2023 from investors including Y Combinator, Draper Associates, and Bayhouse Capital. The new funds will be used to expand Landeed’s product line and scale its engineering team. Sanjay Mandava, Co-founder and CEO, highlighted their plans, stating, “We will use this additional firepower to expand our consumer-side offerings and scale our engineering team.”

Landeed’s core offering is its mobile app, which simplifies access to real estate records for property owners, agents, developers, and legal advisors. The platform facilitates tasks such as searching property titles and acquiring necessary land documents. Recently, Landeed introduced the AI Property Analyzer, enhancing its services with detailed ownership histories, including transaction records and encumbrances.

Since its inception, Landeed has seen significant growth, reporting a 22x increase in key financial metrics. Over 100,000 property owners and agents have utilized its platform for buying, selling, and managing real estate transactions.

Go Zero Raises $1.5 Million in Follow-on Pre-Series A Funding to Fuel Growth

By
Garima Bansal
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kiran Shah go zero

Go Zero, a prominent player in the vegan ice cream market, has successfully secured $1.5 million in its follow-on pre-Series A funding round. The investment round was led by DSG Consumer Partners, Saama Capital, and V3 Ventures, with participation from angel investors including Arjun Purkayastha.

Founded by Kiran Shah, Go Zero specializes in offering low-calorie, high-protein, and vegan ice creams, catering to health-conscious consumers looking for guilt-free dessert options. The brand has experienced remarkable growth, expanding 4X in the fiscal year 2023-24 compared to the previous year, and achieving a 7X growth on quick commerce platforms between January and May 2024.

Kiran Shah, Founder and CEO of Go Zero, expressed his excitement about the company’s growth trajectory, stating, “The past 12 months have been phenomenal for us, demonstrating strong demand for healthier dessert alternatives that don’t compromise on taste. We have become one of the fastest-growing ice cream brands on platforms like Blinkit and Zepto, which are crucial channels as consumers increasingly prioritize convenience.”

The funding will be utilized to accelerate Go Zero’s expansion into Tier 1 cities such as Jaipur, Chandigarh, and Ahmedabad, enhance its presence in quick and e-commerce platforms, and introduce new flavors and formats throughout the year. The brand currently operates across 16 cities and over 125 dark stores, leveraging its robust distribution network to reach a wide customer base.

Investors, including Ash Lilani from Saama Capital and Hariharan Premkumar from DSG Consumer Partners, emphasized Go Zero’s rapid revenue growth and profitability since their initial investment. They highlighted Kiran Shah’s deep product expertise and the brand’s potential to lead the evolving market for healthy desserts in India.

Go Zero aims to build on its success and solidify its position as a category-defining brand in guilt-free desserts, leveraging Kiran Shah’s extensive experience in the ice cream industry. With the vegan food market on the rise globally and in India, Go Zero is well-positioned to capitalize on increasing consumer awareness and demand for healthier food choices.

The Pant Project Raises $4.25 Million in Initial Funding Round to Expand Retail and Technology

By
Garima Bansal
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Udit and Dhruv toshniwal

The Pant Project, a direct-to-consumer (D2C) fashion brand specializing in custom-made and ready-to-wear pants, has raised $4.25 million in its maiden funding round led by Sorin Investments, an early-stage investment firm founded by former KKR India CEO Sanjay Nayar. The funding round also saw participation from MGA Ventures, Huddle, Dexter Ventures, and Indian Silicon Valley, as well as angel investors including Arjun Vaidya, founder of Dr Vaidya’s, and Avni Biyani, founder of Foodstories.

Co-founder Dhruv Toshniwal stated that the funds will be used to expand the company’s offline retail presence, enhance branding and marketing efforts, develop technology, and grow the team. Currently, The Pant Project operates three brick-and-mortar stores—two in Mumbai and one in Bengaluru—with plans to open 25 to 30 more stores across India over the next three years. This expansion is part of a broader strategy to bolster the brand’s omnichannel presence and meet growing consumer demand.

The Pant Project, launched in 2020 by Dhruv and Udit Toshniwal, members of the Banswara Syntex family, initially focused on men’s pants but has since expanded to include women’s pants. The brand offers over 250 styles, including formal pants, chinos, jeans, cargos, joggers, power stretch knit pants, luxury linens, and wool pants. The company’s revenue is currently split, with 60% coming from top-tier cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, and Ahmedabad, and 40% from tier II cities.

Dhruv Toshniwal highlighted that 65% of the company’s revenue is generated through its direct-to-consumer website, which has served over 100,000 customers. The goal is to leverage the new funding to reach Rs 100 crore in revenue within the next 18-24 months, up from Rs 31 crore in the last financial year as a bootstrapped company. The Pant Project also aims to enhance its product offerings with more casual and athleisure options, catering to the evolving preferences of modern consumers.

Mandar Dandekar, partner at Sorin Investments, praised The Pant Project for creating a strong brand recall as a destination for versatile bottom wear, driven by deep customer loyalty and repeat behavior. Dandekar noted that the company’s understanding of the apparel supply chain and commitment to product innovation, particularly through high-performance fabrics, positions it well to capitalize on India’s growing consumption economy.

The Pant Project has built a capital-efficient business model, achieving significant growth with a robust presence across online marketplaces such as Amazon and Myntra, in addition to its physical stores. The company’s focus on providing custom-fit pants for a diverse range of body sizes, backed by data on over 100,000 Indian men, sets it apart in the competitive fashion market.

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